A Licensed Mortgage Banker pursuant
to Article 12-D of the New York Banking Law

- Respondent -

SETTLEMENT AGREEMENT

Whereas, DYNAMIC MORTGAGE BANKERS, LTD (“Dynamic” or the “Licensee”) was granted a license on December 12, 1997, to engage in business as a mortgage banker pursuant to Article 12-D of the New York Banking Law (the “Banking Law”) and currently maintains a principal office at 1025 Old Country Road, Suite 304, Westbury, NY 11590.

Whereas, Section 590.2(c) of the Banking Law requires a licensee to apply for authority to open and maintain one or more branch offices;

Whereas, Section 38.1(u) of the General Regulations of the Banking Board defines a full service branch office as any location at which loan processing takes place, whether or not loan solicitation also occurs thereat, and the licensee or registrant owns or pays rent or any other form of consideration for the use thereof;

Whereas,an examination of Dynamic conducted by the State of New York Banking Department, as of August 21, 2006, disclosed that the licensee operated from 2800 Middle Country Road, Lake Grove, NY 11755, in violation of the above captioned Regulation.

Whereas,the Superintendent and the licensee mutually agree to resolve such violation by the imposition of a fine in the aggregate amount of $5,000.00, in lieu of commencing a hearing seeking revocation of Dynamic’s mortgage banker license;

NOW, THEREFORE, IT IS STIPULATED AND AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

THAT, the licensee agrees as follows:

Without admitting or denying the aforementioned allegations and fully understanding the terms and conditions of the Settlement Agreement (the “Agreement”), Dynamic knowingly and voluntarily waives its right to a hearing on the violations cited and any appeal relating to this matter.

Dynamic is not currently conducting regulated business at unlicensed locations and fully understands the Department’s policy against conducting business at locations for which it has not secured a license and will take steps to ensure that its employees fully understand these requirements.

Dynamic agrees to pay a fine of $5,000 payable upon execution of this Agreement. Payment must be by electronic transfer, in immediately available funds, pursuant to transfer instructions received from the Banking Department.

Dynamic will take appropriate action, including the establishment of formal policies and procedures, to ensure compliance with all applicable state and federal laws and regulations relating to its mortgage activities.

Dynamic fully understands the requirements of this Agreement and that failure to meet the above conditions and timeframes shall result in the Banking Department scheduling a hearing for revocation of its license.

All communications regarding this Settlement Agreement shall be sent to:

Ms. Rholda L. RickettsDeputy Superintendent of Banks
Mortgage Banking Division
New York State Banking Department
One State Street
New York, NY 10004

The provisions of this Settlement Agreement shall not bar, estop or otherwise prevent the Superintendent, or any state or federal agency or department, from taking any other action affecting the Licensee, any of its current or former officers, directors, employees, or insiders, or their successors or assigns with respect to matters not relating to this Settlement Agreement or any criminal aspect of the concerned matters in this Settlement Agreement.

No extension or waiver of the terms of this Settlement Agreement shall be binding on the Banking Department unless it is in writing and signed by the Superintendent or her Deputy.

Each provision of this Settlement Agreement shall remain effective and enforceable until stayed, modified, terminated, or suspended in writing by the Superintendent.

The effective date of this Settlement Agreement is the date on which it is executed by the Superintendent or her Deputy.